United Therapeutics (UTHR) CEO sells 9,500 shares after option exercise under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS (UTHR) Chairperson & CEO Martine Rothblatt reported an exercise-and-sell transaction in company stock. On June 8, 2026, she exercised 9,500 stock options at an exercise price of $146.03 per share and sold 9,500 shares of common stock in multiple open-market trades at prices generally around $545–$551 per share. These transactions were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Following the transactions, she held 50,013 shares of common stock directly, in addition to several indirect holdings through family trusts and shares held by her spouse.
Positive
- None.
Negative
- None.
Insights
Pre-planned option exercise and matching share sale under a 10b5-1 plan.
Martine Rothblatt exercised 9,500 stock options at an exercise price of $146.03 and sold the same number of common shares in open-market trades around $545–$551 per share. The filing describes this as part of a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025.
The transaction pattern is a classic exercise-and-sell, converting option value into cash while maintaining a substantial remaining equity position. After these trades, she directly owned 50,013 shares and also had significant indirect holdings through family trusts and her spouse. Overall, this looks like routine, scheduled liquidity rather than a directional shift in exposure.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,201,110)
Net Sell
14 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.20M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 1,462 | $544.8918 | $797K |
| Sale | Common Stock | 2,131 | $546.1252 | $1.16M |
| Sale | Common Stock | 1,525 | $547.0684 | $834K |
| Sale | Common Stock | 2,144 | $547.9318 | $1.17M |
| Sale | Common Stock | 948 | $549.5834 | $521K |
| Sale | Common Stock | 650 | $550.3976 | $358K |
| Sale | Common Stock | 640 | $551.3694 | $353K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 78,910 shares (Direct, null);
Common Stock — 50,013 shares (Direct, null);
Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (1)
- This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 15, 2027; or (b) December 31, 2026. Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke. Shares held in family trusts as to which the Reporting Person's spouse shares investment power and the Reporting Person and/or immediate family members are beneficiaries. Shares held in family trusts as to which the Reporting Person is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke. This transaction was executed in multiple trades at prices ranging from $544.45 to $545.40. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $545.46 to $546.45. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $546.51 to $547.49. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $547.52 to $548.50. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $548.99 to $549.97. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $550.105 to $551.05. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $551.15 to $551.76. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
Key Figures
Options exercised: 9,500 shares
Exercise price: $146.03 per share
Shares sold: 9,500 shares
+5 more
8 metrics
Options exercised
9,500 shares
Stock options exercised on June 8, 2026
Exercise price
$146.03 per share
Exercise price for 9,500 stock options
Shares sold
9,500 shares
Common stock sold in open-market trades on June 8, 2026
Sale price range
$544.45–$551.76 per share
Weighted-average trade ranges from multiple sale footnotes
Direct holdings after transaction
50,013 shares
Common stock directly owned after June 8, 2026 transactions
Largest trust holding
324,443 shares
Common stock held indirectly through a family trust
Spouse-held shares
166 shares
Common stock held indirectly by spouse
Options remaining after exercise
78,910 options
Stock option balance after 9,500-share exercise
Key Terms
Rule 10b5-1 trading plan, stock options, open-market sale, family trusts, +2 more
6 terms
Rule 10b5-1 trading plan regulatory
"This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
stock options financial
"This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
family trusts financial
"Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary"
beneficial ownership financial
"Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
What did UTHR CEO Martine Rothblatt report in this Form 4?
She reported exercising 9,500 stock options at an exercise price of $146.03 per share and selling 9,500 United Therapeutics common shares in open-market trades around $545–$551 per share, all under a pre-arranged Rule 10b5-1 trading plan.
What stock options did the UTHR CEO exercise in this filing?
She exercised 9,500 stock options for United Therapeutics common stock at an exercise price of $146.03 per share. These options are part of a larger grant that expires on March 15, 2027, as referenced in the Form 4 footnotes describing the 10b5-1 trading plan.
Was the UTHR CEO’s stock sale pre-planned under a Rule 10b5-1 plan?
Yes. The Form 4 states the option exercise and resulting share sale were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan continues until either 1,734,410 options are exercised or December 31, 2026.
What indirect United Therapeutics holdings are shown for the UTHR CEO?
The Form 4 lists multiple indirect holdings through family trusts, including positions of 8,902 shares, 45,596 shares, 249,108 shares, and 324,443 shares, as well as 166 shares held by her spouse. These are reported as indirect beneficial ownership interests.